It is well known to use roll type die cutters to cut labels from a continuous web of label stock. Label stock consists of laminated strips of label material which may be printed, a coating of pressure-sensitive adhesive, and a carrier or backing strip which is coated with a release coating permitting it to be peeled away from the adhesive coated label material. Die cutting requires accurate spacing between the die-cutting roll and the anvil roll so that the die cutter penetrates the label material and adhesive to form the individual labels but not the backing strip, so that after passing through the die cutter the matrix of label material from between the labels can be peeled away, leaving the individual labels adhering to the continuous backing strip. An extremely accurate adjustment of the spacing between the anvil roll and the cutters is required to insure that the cutters cut through the label material cleanly without cutting into the carrier strip. Since the carrier strip itself may vary in thickness from one roll of label stock to the next, maintaining such accurate penetration of the cutters has presented a problem. In the past, the spacing between the cutters and the anvil roll has been maintained by providing slightly larger diameter regions at either end of the respective rolls which are in direct rolling contact. These portions can be accurately machined to maintain an exact spacing between the surface of the anvil roll and the edges of the cutters. However, if a wider spacing is required to allow for variations in the thickness of the carrier strip, for example, the rolls must be replaced. If a closer spacing is required, the rolls must either be replaced with another set of rolls or machined to reduce the diameter of the rolling contact portions. In either case, the rolls must be removed from the press, a costly and time-consuming operation.